As Thodey observed, key signs of momentum were present, again: it has become a hallmark of his tenure. Revenue rose by 1.7 per cent to $12.7 billion, gross profit was 5 per cent to $5 billion, and net profit was up 8.8 per cent to $1.6 billion.

Telstra also added another 607,000 mobile phone customers during the half, continuing a period of out-performance in that market that has now been running for about two years, Mobile revenue rose by 4.6 per cent to $4.6 billion, a $200 million rise that helped bump up the profit line, and earnings before interest, tax and depreciation have now risen by over 20 per cent in the last 18 months.

Related Articles

The mobile division's Ebitda margin of 37 per cent is now very healthy, particularly because Telstra's capital expenditure is being contained after its big capital outlays on networks and systems a few years ago: capital expenditure will run at about 15 per cent of sales this year, it says.

Telstra has paid 14 cents a share, and confirmed its target for a 28 cent payout in the full year, the rate Telstra shareholders are now accustomed to. They should be pretty happy with this result. The telco continues to be the best of both worlds for them: a high yield, secure investment that has also rediscovered ways to grow.